36 U.S. Code § 150713 - Distribution of assets on dissolution or final liquidation

§ 150713.
Distribution of assets on dissolution or final liquidation

On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.

Historical and Revision Notes

Revised

Section

Source (U.S. Code)

Source (Statutes at Large)

150713

36:445.

Aug. 13, 1953, ch. 427, § 15, 67 Stat. 565.

The word “satisfaction” is omitted as included in “discharge”, and the word “obligations” is omitted as included in “liabilities”. The word “outstanding” is omitted as unnecessary.

 

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